Embassy Group has decided to fast track the 11 real estate projects stretching across about 61.9 million sq ft area. The company has proposed to merge with Indiabulls Real Estate (IBREL) and take control of the merged entity. Embassy has around 14 per cent stake in IBREL which it bought in June 2019 for ₹950 crore in an open market transaction. The projects that have been proposed to be merged are Pristine, Grove, Boulevard, Lake Terraces, Springs, Embassy Residency, Embassy One, Concord Business Park, Knowledge Park, Embassy ACC Prism and Embassy Cornerstone. After the merger, it has proposed to take controlling stake and become the promoter of the merged entity.
📅Published on:
21 July 2020
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